CryptoMediaClub
Sunday, July 6, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Breaking: PayPal launches PYUSD stablecoin for payment

07.08.2023
A A
0
126
VIEWS
ShareShare

American financial technology company PayPal launched a new stablecoin called PayPal USD (PYUSD) on Aug. 7.

The U.S. dollar-pegged stablecoin will be issued by Paxos Trust Co. and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. It’s built on Ethereum and “designed for digital payments and Web3,” with the firm saying it will soon be available to United States customers.

PayPal USD compatibility with crypto exchanges, Web3 apps and crypto wallets. Source: PayPal

PYUSD will be redeemable for U.S. dollars at all times, can be exchanged for other cryptocurrencies on PayPal, and will be transferable between PayPal and Venmo. The company claims it will soon be available as a mode of payment for various purchases.

PayPal launching a stablecoin could accelerate its efforts to become a crypto payment giant, an initiative the company started in 2020 after making way for crypto payments on the platform.

PayPal boasts over 350 million active users and already lets users in the U.S. and the United Kingdom buy, sell and hold Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) while also enabling payments in the assets.

PayPal CEO Dan Schulman hopes the new stablecoin will become a part of the overall payments infrastructure. The company first confirmed its plan to launch a crypto stablecoin in January 2022, claiming it would work closely with relevant regulators.

While there are multiple stablecoins available in the crypto market, PayPal will be the first launched by a major payment processor. Paxos CEO Charles Cascarilla told Cointelegraph:

“With the launch of the first stablecoin by a leading financial institution, PayPal and Paxos are proving the real-world value of blockchain technology. PayPal USD is the most significant leap forward for digital assets and the financial industry, and Paxos is proud to enable this transformative product.”

The firm claimed that the regulatory environment around stablecoins in the U.S. is gradually “progressing toward more clarity,” and thus, there is demand for an alternate stablecoin than what is currently available in the market.

Related: US Treasury says it must ‘modernize and adapt’ to digital currencies

The crypto stablecoin market has a $126 billion circulating supply, dominated by Tether-issued USDT (USDT) (which has an $86.5 billion market cap) and followed by Circle-issued USD Coin (USDC) (with a $26 billion market cap) and a few others. However, many stablecoins have recently faced regulatory hurdles in the United States, where policymakers are currently discussing a bipartisan stablecoin bill.

Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules: Asia Express

Share10Tweet6ShareSharePin2

Related Posts

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift
Blockchain

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
0

Skip to content

Read moreDetails
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

25.06.2025
Load More
Next Post
Decentralized asset management system launches for Arbitrum, Optimism

Decentralized asset management system launches for Arbitrum, Optimism

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

ApeCoin Rockets Up 100% as New Project Raises $21M – Could It Be the Next Big Play?

ApeCoin Rockets Up 100% as New Project Raises $21M – Could It Be the Next Big Play?

9 months ago
FTX Units Deadline for Pre-Distribution Necessities, Funds More likely to Begin on February

FTX Units Deadline for Pre-Distribution Necessities, Funds More likely to Begin on February

6 months ago
Future Of Dogecoin Uncertain: Lead Dev Opposes Shift To Proof-Of-Stake

Future Of Dogecoin Uncertain: Lead Dev Opposes Shift To Proof-Of-Stake

2 years ago
Use of Crypto in iGaming Declined in 2023

Use of Crypto in iGaming Declined in 2023

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Abstract and K-Pop Agency Modhaus Partner to Give Fans a ‘Real Seat at the Table’

$8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan

XRP Price Prediction: Despite Recent Slip, Ripple’s Institutional Push Targets $10 – What to Watch

Ethereum Price Prediction: ETH Gains 4% This Week, Yet Golden Cross Flops – Is $3,000 Out of Reach?

Glassnode’s James Check Warns Bitcoin Treasury Boom Could Be Short-Lived

Crypto Traders on Alert as Sweden Expands Law to Seize Digital Assets

Trending

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?
All news

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?

06.07.2025
0

PEPE plunged 16.5% to $0.0000089 as whales quietly accumulated 303T tokens, a 3.95% spike that could hint...

Bitcoin Cash Futures Jump 24% as Active Addresses Hit Six-Year Low – Risk Ahead?

Bitcoin Cash Futures Jump 24% as Active Addresses Hit Six-Year Low – Risk Ahead?

06.07.2025
Bitcoin Price Prediction: Whispers of Satoshi After 80,000 BTC Move – Market Sentiment Shift?

Bitcoin Price Prediction: Whispers of Satoshi After 80,000 BTC Move – Market Sentiment Shift?

06.07.2025
Abstract and K-Pop Agency Modhaus Partner to Give Fans a ‘Real Seat at the Table’

Abstract and K-Pop Agency Modhaus Partner to Give Fans a ‘Real Seat at the Table’

06.07.2025
$8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan

$8.6B Bitcoin Move Sparks Fears of Massive Hack: Coinbase’s Conor Grogan

05.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz